Banco do Brasil Aims to IPO Pension and Insurance Unit in April

SAO PAULO–One of Latin America’s largest initial public offerings in years is on track for April.

The region’s largest bank, Banco do Brasil, is moving ahead with the sale of shares in its pensions and insurance arm, to be called BB Seguridade, according to two bankers close to the transaction.

Associated Press

Senior executives at Banco do Brasil have met with investors around the world in the last few days, presenting the deal to potential investors in the international community, said one of the people, who declined to be named for this article.

Banco do Brasil’s press office declined to comment.

“The process is advancing and the IPO is likely to go ahead in April. As with any offer, this is just an indication and it always depends on market conditions, but if everything goes well it will take place in April,” said another banker close to the transaction.